A Program for Monetary Stability

A Program for Monetary Stability is a book by the US economist Milton Friedman. It has been published by Fordham University Press in 1960 with consecutive re-prints appearing in 1961, 1963, 1965, 1969, 1970, 1975, and 1980.

Contents

The books comprises four chapters:

1. The Background of Monetary Policy
2. The Tools of the Federal Reserve System
3. Debt Management and Banking Reform
4. The Goals and Criteria of Monetary Policy

Reviews

In its review, The Journal of Finance describes the book as "simple and logical, the style extremely lucid and readable... This book... bristles with suggestions, brilliant analysis, and numerous recommendations - some old, some new, some deserving wide support, others that are provocative, radical, even brash. One would have to look far to find so much controversial material in such small compass... Everyone who reads this book will admire the ingenuity and mental acuteness displayed by a very competent economist." The American Economic Review describes the book as "provocative" whereas Review of Social Economy claims that "this excellent, though provoking book... makes us better aware of the fundamental problems... of a modern economic world". According to The Christian Science Monitor Friedman "offers sweeping suggestions for reforming the monetary and banking systems of the United States" and "introduces interesting proposals for altering the monetary instruments currently employed by the Federal Reserve Board". Similarly, The Wall Street Journal calls the book "penetrating" arguing that "it can be recommended for a good look at the real roots of inflation - the look that thus far has not been widespread enough, among enough people."